 "Sensex gains nearly 100 points; Oct WPI declines to 1.77%")
Markets have extended gains after the announcement of October WPI number which has declined to 1.77% in October, down from 2.38% in September.
The fall in headline inflation was driven largely by a downward movement in all three broad categories — primary articles (food, non-food and minerals), manufactured items, and fuel & power.
A Reuters poll had earlier predicted wholesale inflation to ease to a near five-year low of 2.2%.
The main gainers on the Sensex are GAIL, Tata Steel, Hindalco, Coal India and Bajaj Auto.
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Updated at 11:30
Benchmark indices are range bound with Nifty facing strong resistance at 8,400 in morning trades. Losses in pharma shares have capped the gains in oil & gas and auto shares.
At 11:30 AM, the 30-share Sensex was up 58 points at 27,998 and the 50-share Nifty was up 16 points at 8,374.
The broader market has outperformed their larger peers and BSE midcap and smallcap indices have gained around 0.7% each. The market breadth in BSE remains firm with 1,472 shares advancing and 1,020 shares declining.
The rupee is trading weaker at 61.62 versus Thursday's close of 61.54 against US Dollar.
Meanwhile, on Thursday, foreign institutional investors were net buyers in Indian equities worth Rs 690.61 crore, as per provisional stock exchange data.
Buzzing Stocks
BSE Oil and Gas index, up 1.2% is the top gainer as crude prices continue to hover near four-year low. Next big gainer is Realty index up 1%. BSE Auto, Capital Goods and Consumer Durables indices are up around 0.7% each.
BSE Healthcare index is alone in red while BSE Power index is trading flat with a positive bias.
Sustained fall in crude prices has brought oil and gas shares in focus. Reliance and ONGC have gained around 0.5-1.7% each. ONGC quarterly results are expected later today.
GAIL has surged more than 2% after incorporating a new company, TAPI Pipeline Company along with state gas companies of Turkmenistan, Afghanistan and Pakistan to build, own and operate the 1,800 Km TAPI natural gas pipeline.
Select financials have rebounded from yesterday’s decline. Axis Bank has gained around 1% and SBI Bank has gained around 1.6% ahead of its quarterly results due later today.
Pharma shares are in focus on reactions to results of Sun Pharma and Cipla.
Sun Pharma has declined around 1% despite reporting a 15% increase in its Q2 net profit as market had estimated a better performance on account of the higher earnings reported by its US subsidiary, Taro.
Cipla has declined around 1.4% after reporting a 16.6% decline in its net profits in the second quarter of 2015 fiscal. Dr Reddys Lab too is trading with a loss of around 1.4%.
Bajaj Auto, up around 2% is leading the gains in the auto segment. Tata Motors has gained more than 1% shrugging off the fall of 7.7% in its global sales numbers for the month of October. The company's quarterly results are expected later today.
DLF shares have gained around 1.3% as the country's largest real estate player has posted a 9% jump in its consolidated net profit at Rs 109 crore for the quarter ended September on the back of higher sales. It had reported a net profit of Rs 100 crore in the same quarter the previous year.
Among other shares, Tata Power has declined around 2.4% after its consolidated revenue came down 4% to Rs 8394 crore due to shutdown of a unit in company's Trombay plant and lower realisation in its coal business.
Asian Markets
Nikkei has retreated from the seven-year high mark as investors turn cautious ahead of the release of GDP data and is currently trading flat with a negative bias. Earlier, the index had gained close to 0.7% amid election speculation and weakness in yen.
Chinese stocks are under pressure after the factory output data from China came below expectations. Shanghai Composite has declined around 0.5%. Meanwhile, Hang Seng is trading marginally high.
The fall in headline inflation was driven largely by a downward movement in all three broad categories — primary articles (food, non-food and minerals), manufactured items, and fuel & power.
A Reuters poll had earlier predicted wholesale inflation to ease to a near five-year low of 2.2%.
Also Read
At 12:15 PM, the 30-share Sensex was up 94 points at 28,034 and the 50-share Nifty was up 28 points at 8,386.
The main gainers on the Sensex are GAIL, Tata Steel, Hindalco, Coal India and Bajaj Auto.
*********************************
Updated at 11:30
Benchmark indices are range bound with Nifty facing strong resistance at 8,400 in morning trades. Losses in pharma shares have capped the gains in oil & gas and auto shares.
At 11:30 AM, the 30-share Sensex was up 58 points at 27,998 and the 50-share Nifty was up 16 points at 8,374.
The broader market has outperformed their larger peers and BSE midcap and smallcap indices have gained around 0.7% each. The market breadth in BSE remains firm with 1,472 shares advancing and 1,020 shares declining.
The rupee is trading weaker at 61.62 versus Thursday's close of 61.54 against US Dollar.
Meanwhile, on Thursday, foreign institutional investors were net buyers in Indian equities worth Rs 690.61 crore, as per provisional stock exchange data.
Buzzing Stocks
BSE Oil and Gas index, up 1.2% is the top gainer as crude prices continue to hover near four-year low. Next big gainer is Realty index up 1%. BSE Auto, Capital Goods and Consumer Durables indices are up around 0.7% each.
BSE Healthcare index is alone in red while BSE Power index is trading flat with a positive bias.
Sustained fall in crude prices has brought oil and gas shares in focus. Reliance and ONGC have gained around 0.5-1.7% each. ONGC quarterly results are expected later today.
GAIL has surged more than 2% after incorporating a new company, TAPI Pipeline Company along with state gas companies of Turkmenistan, Afghanistan and Pakistan to build, own and operate the 1,800 Km TAPI natural gas pipeline.
Select financials have rebounded from yesterday’s decline. Axis Bank has gained around 1% and SBI Bank has gained around 1.6% ahead of its quarterly results due later today.
Pharma shares are in focus on reactions to results of Sun Pharma and Cipla.
Sun Pharma has declined around 1% despite reporting a 15% increase in its Q2 net profit as market had estimated a better performance on account of the higher earnings reported by its US subsidiary, Taro.
Cipla has declined around 1.4% after reporting a 16.6% decline in its net profits in the second quarter of 2015 fiscal. Dr Reddys Lab too is trading with a loss of around 1.4%.
Bajaj Auto, up around 2% is leading the gains in the auto segment. Tata Motors has gained more than 1% shrugging off the fall of 7.7% in its global sales numbers for the month of October. The company's quarterly results are expected later today.
DLF shares have gained around 1.3% as the country's largest real estate player has posted a 9% jump in its consolidated net profit at Rs 109 crore for the quarter ended September on the back of higher sales. It had reported a net profit of Rs 100 crore in the same quarter the previous year.
Among other shares, Tata Power has declined around 2.4% after its consolidated revenue came down 4% to Rs 8394 crore due to shutdown of a unit in company's Trombay plant and lower realisation in its coal business.
Asian Markets
Nikkei has retreated from the seven-year high mark as investors turn cautious ahead of the release of GDP data and is currently trading flat with a negative bias. Earlier, the index had gained close to 0.7% amid election speculation and weakness in yen.
Chinese stocks are under pressure after the factory output data from China came below expectations. Shanghai Composite has declined around 0.5%. Meanwhile, Hang Seng is trading marginally high.